Iovance to 'vigorously defend' against shareholder derivative complaint
Iovance Biotherapeutics disclosed that on December 15, 2017, a purported shareholder derivative complaint, Kevin Fong v. Manish Singh, was filed against the company, as nominal defendant, and certain of the company's current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware. The complaint alleges breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder arising from the Securities and Exchange Commission's investigation in the In the Matter of Certain Stock Promotions matter and the Company's April 10, 2017 settlement thereof, and seeks unspecified damages on behalf of the Company and injunctive relief, Iovance said. It added, "The Company intends to vigorously defend against the foregoing complaint. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of the matter."